New York, NY -- (SBWIRE) -- 11/01/2018 -- The global smart lighting market is segmented on the basis of product type, light source, communication technology, region and application. Persistence Market Research has come up with a new report titled "Smart Lighting Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)" that tracks the performance of the various segments of the global smart lighting market for a projected period of eight years between 2017 and 2025. The global smart lighting market is expected to witness high revenue growth during the forecast period. This growth is attributed to the increasing adoption of better lighting solutions globally. The global smart lighting market was valued at US$ 6,838.2 Mn in 2016, and is projected to reach US$ 40,388.6 Mn by 2025 end. North America and Europe were the dominant markets in 2016 in terms of revenue in the smart lighting market. Asia Pacific is expected to dominate in terms of CAGR during the forecast period.
Global Smart Lighting Market: Drivers
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Real estate vendors are increasingly adopting smart lighting solutions leading to a surge in demand globally
Connected lighting development for smart cities is a big growth fuelling aspect
Rapid urbanization is driving the adoption of smart lighting products across the globe
Increasing number of green building projects and development of smart lighting infrastructure are other factors positively impacting market revenue growth
Government's partnership with key players especially in the MEA region is also a significant growth driver
Global Smart Lighting Market: Forecast by Region
North America, Latin America, Europe, APAC and MEA are the five regions extensively covered in this report. The APAC smart lighting market is expected to witness a relatively high growth rate over the forecast period. Revenue from the smart lighting market in North America and Europe collectively accounted for over 50% of the global smart lighting market revenue in 2016. In terms of value, APAC is projected to be the most attractive regional market in the global smart lighting market during the forecast period. The market in APAC is also expected to register high Y-o-Y growth rates throughout the forecast period.
Global Smart Lighting Market: Segmental Analysis
The global smart lighting market is segmented into four categories. On the basis of product type, the global market for smart lighting is segmented into fixture, lighting control and others. In terms of value, the fixture segment is projected to be the most attractive in the global smart lighting market during the forecast period. In terms of value, this segment is expected to expand at a CAGR of 23.5% during the forecast period.
Light source segment consists of LED, CFL, and incandescent. In terms of value, the LED segment is expected to increase at a high CAGR during the forecast period. In 2016, the LED segment was valued at US$ 3,259.6 Mn, and is expected to witness steady growth in terms of revenue throughout the forecast period.
Communication technology segments include wired smart lighting and wireless smart lighting. The wireless smart lighting segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is anticipated to expand at a CAGR of 24.0% during the forecast period.
By application the market is segmented into indoor and outdoor. Indoor segment is sub-segmented into commercial/industrial and residential, while outdoor segment is further segmented into street lighting, architectural lighting, lighting for public places and others. Currently, the indoor segment dominates in terms of revenue, owing to the adoption of advanced lighting solutions.
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Leading Companies Operating in the Global Smart Lighting Market
CREE, INC, Hubbell Lighting, Inc., GE Lighting, LLC, OSRAM Licht AG, Royal Philips NV, Acuity Brands Lighting, Inc., Honeywell International Inc., Panasonic Corporation, Schneider Electrical S.E, Eaton Corporation, Leviton Manufacturing Co., Inc, Lutron Electronics Co., Inc, Lifi Labs Inc., Disano Illuminazione S.p.A, Switchmate Home LLC, Glamox lighting, IKEA, and EGLO Leuchten GmbH are some of the top companies profiled in this report on the global smart lighting market.